Berneunion forum - Recent Posts https://forum.berneunion.org/recent.aspx Berneunion forum - Recent Posts en-us http://blogs.law.harvard.edu/tech/rss Jitbit AspNetForum Thu, 24 Sep 2026 05:42:27 GMT Thu, 24 Sep 2026 05:42:27 GMT https://forum.berneunion.org/topic7053-algeria-delays-between-local-payment-and-foreign-currency-transfer.aspx Topic "Algeria: Delays between local payment and foreign currency transfer" a message from Corina Vulpes
Thank you very much for your prompt reply!

Best regards,



Corina Vulpes
Director Institutional and Business Relations
Finance, Guarantees and Insurance - State Funds Division]]> Thu, 24 Sep 2026 05:42:27 GMT https://forum.berneunion.org/topic7053-algeria-delays-between-local-payment-and-foreign-currency-transfer.aspx Topic "Algeria: Delays between local payment and foreign currency transfer" a message from Heike Kensmann
This year we have seen an increase in cover volume as well as arrears but not in claims so far. Unfortunately, we have no detailed information on the causes.

Under single cover we have nothing negative to report.

Under whole-turnover cover we have registered a payment delay due to lack of foreign exchange availability (overdue amount: about EUR 80,000).
The limit had already been suspended at the beginning of the year, since a number of longer-term overdue payments had already occurred at that time. However, there have been some partial payments lately.

Current payment delays with other whole- turnover covers are due to other reasons according to our policyholders.


Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Tue, 22 Sep 2026 09:09:17 GMT https://forum.berneunion.org/topic7053-algeria-delays-between-local-payment-and-foreign-currency-transfer.aspx Topic "Algeria: Delays between local payment and foreign currency transfer" a message from Corina Vulpes
Dear Colleagues,


We would appreciate hearing about your experience regarding transfer delays in Algeria. We have been informed by an exporter that, in practice, there may be a significant delay between:
  1. the date on which the Algerian buyer deposits the payment in local currency (Algerian dinars) with its bank, and
  2. the date on which the corresponding convertible foreign currency is actually transferred abroad to the exporter.
Have you encountered similar situations in your transactions involving Algerian obligors? If so, we would be interested in understanding the frequency, typical duration, underlying causes, and how such situations are treated under your cover (including mitigation measures) and claims practices. Any recent experiences would be welcome.
Thank you very much in advance!
Best regards,


Corina VULPES, MBA
Director Institutional and Business Relations
Finance, Guarantees and Insurance - State Funds Division

Exim Banca Romaneasca S.A.
Barbu Delavrancea nr. 6A
011355 Bucuresti, Sector 1, Romania


]]> Wed, 02 Sep 2026 12:49:24 GMT https://forum.berneunion.org/topic7048-st-cover-policy--gulf-region-and-israel.aspx Topic "ST Cover Policy - Gulf Region and Israel" a message from Heike Kensmann

Please find below our replies:

Has your institution revised its underwriting policy for any of the above markets since the escalation of the conflict? If yes, please indicate whether you have:
As of now, underwriting policy for short term cover has not been revised.

How would you describe your institution's current risk appetite for these markets compared with the pre-conflict period?
Unchanged for short term cover.

What are currently considered to be the most significant risks associated with these markets?
Increased payment risks resulting from negative impacts on buyers’ liquidity.

Have you introduced any additional underwriting requirements for new transactions in these markets?
As of now, underwriting requirements for short term cover have not been changed.

Have you introduced any changes in the administration of existing covered transactions (e.g. amendments, extensions or claims handling) in the affected markets?
As of now, changes in the administration of existing covered transactions have not been introduced for short term cover.

Have you encountered any operational or compliance-related issues (e.g. sanctions, banking/payment channels or money transfers) affecting the ability to support / cover new or existing transactions in these markets?
As of now, operational or compliance-related issues as described above have not been encountered for short term cover.

Have you observed any changes in demand from exporters or commercial banks for cover relating to these markets since the beginning of the conflict?
As of now, changes in demand from exporters for cover have not been encountered for short term cover.

Have you observed any changes in payment behaviour or claims experience in these markets since the beginning of the conflict?
As of now, significant changes in payment behaviour or claims experience have not been encountered for short term cover.

Which sectors have been most affected by the change in your institution's risk assessment as a result of the conflict?
No specific sectors have been affected.

Are you currently considering any further changes to your underwriting policy or country risk approach for these markets that exporters and financial institutions should be aware of?
As of now the current situation and the ongoing development in the region are closely monitored. Further changes to underwriting policy or country risk approach may be considered, depending on further development.


Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Fri, 07 Aug 2026 11:58:42 GMT https://forum.berneunion.org/topic7048-st-cover-policy--gulf-region-and-israel.aspx Topic "ST Cover Policy - Gulf Region and Israel" a message from Joanna Kaczyńska In terms of ST cover policy, we are closed to Iran. As for Israel, we have not changed our policy. As for the others, see below:
We accept the limits, while adhering to the principle of restrictive risk assessment (if we have information that allows us to accept the risk—we accept it; if there is insufficient information or we have doubts—we refuse).
Current risk appetite for these markets compared with the pre-conflict period has decreased moderately.
Our exposure in the region is not significant enough for us to have felt any major impact since the outbreak of the conflict.
The greatest risks remain those related to war, sanctions, and the supply chain.
We are taking a cautious approach and monitoring international resolutions as well as the actions of other countries in the region.


Kind regards,
KUKE S.A.]]> Tue, 28 Jul 2026 12:54:52 GMT https://forum.berneunion.org/topic7048-st-cover-policy--gulf-region-and-israel.aspx Topic "ST Cover Policy - Gulf Region and Israel" a message from Mika Relander
It's a holiday season in Finland and our Middle East Country Analyst is on vacation, but I can try to answer briefly:
- Finnvera has not officially changed any of our ST cover policies to the Gulf region, but naturally we are monitoring situation closely. Same applies for our MLT cover policies. Decisions are done on case by case basis.
- Our risk appetite remains unchanged, but as said we are monitoring developments closely on case by case when demand appears.

We can to provide more detailed information once our regional expert is back from holidays.

Best regards,
Mika Relander/Finnvera
edited by Mika Relander on 7/17/2026]]> Fri, 17 Jul 2026 10:44:23 GMT https://forum.berneunion.org/topic7048-st-cover-policy--gulf-region-and-israel.aspx Topic "ST Cover Policy - Gulf Region and Israel" a message from Csaba Simon We are writing to you to request updated information on your current short‑term cover policies for exports to the Gulf region—specifically Jordan, the United Arab Emirates, and Saudi Arabia—as well as to Israel.
As you know, the outbreak of the armed conflict involving the United States, Israel and Iran in 2026 has had significant implications for regional risk profiles, supply chains, payment behaviour and sovereign/corporate credit conditions. In light of these developments, we would appreciate receiving your latest guidance on the following points:
- Has your institution revised its underwriting policy for any of the above markets since the escalation of the conflict? If yes, please indicate whether you have:
o suspended or restricted ST and/or MLT cover;
o revised country, sector or buyer limits;
o reduced or withdrawn existing credit limits, and if so, based on what criteria; or
o introduced any other underwriting restrictions.
- How would you describe your institution's current risk appetite for these markets compared with the pre-conflict period?
o Increased
o Unchanged
o Moderately reduced
o Significantly reduced
o No new business
- What are currently considered to be the most significant risks associated with these markets? (e.g. political risk, transfer and convertibility risk, foreign exchange restrictions, logistics disruptions, supply chain disruptions, sanctions, banking/payment channel constraints etc).
- Have you introduced any additional underwriting requirements for new transactions in these markets? (e.g. higher premia, shorter tenors, enhanced security, sovereign guarantees, bank guarantees, war risk clauses or other special conditions).
- Have you introduced any changes in the administration of existing covered transactions (e.g. amendments, extensions or claims handling) in the affected markets?
- Have you encountered any operational or compliance-related issues (e.g. sanctions, banking/payment channels or money transfers) affecting the ability to support / cover new or existing transactions in these markets?
- Have you observed any changes in demand from exporters or commercial banks for cover relating to these markets since the beginning of the conflict?
- Have you observed any changes in payment behaviour or claims experience in these markets since the beginning of the conflict?
- Which sectors have been most affected by the change in your institution's risk assessment as a result of the conflict?
- Are you currently considering any further changes to your underwriting policy or country risk approach for these markets that exporters and financial institutions should be aware of?
We would be grateful for any written update, policy note or internal guidance you are able to share. Thank you very much in advance for your cooperation.
Kind regards,
EXIM Hungary]]> Thu, 16 Jul 2026 12:05:14 GMT https://forum.berneunion.org/topic7044-vietnam-corporate-risk-long-term-transactions.aspx Topic "Vietnam: corporate risk, long term transactions" a message from Heike Kensmann
According to our cover policy for Vietnam we accept MLT corporate business of up to EUR 5 million based on Vietnamese accounting standards. Bank security is required in case insufficient creditworthiness.

For MLT transactions of more than EUR 5 million balance sheets according IFRS standards are requested. Bank security is required; exception is possible in case of a good creditworthiness.

Good but few experiences so far.


Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Tue, 02 Jun 2026 10:13:35 GMT https://forum.berneunion.org/topic7044-vietnam-corporate-risk-long-term-transactions.aspx Topic "Vietnam: corporate risk, long term transactions" a message from Barbara Sburny Thank you and kind regards,
OeKB]]> Thu, 28 May 2026 13:43:21 GMT https://forum.berneunion.org/topic7039-suriname--cover-policies.aspx Topic "Suriname - Cover policies" a message from Martina Hribar Bošković Thu, 02 Apr 2026 07:55:10 GMT https://forum.berneunion.org/topic7039-suriname--cover-policies.aspx Topic "Suriname - Cover policies" a message from Heike Kensmann
In the ST business our experience with smaller limits on private buyers has been generally positive, and transactions have proceeded without any significant payment delays. We do not have experience with public buyers, including those in the energy sector.

Under single transaction cover for M/LT transactions we have no significant experience because there have been neither any new covered transactions nor even demand for cover. At present, we register just one small transaction (single-digit million euro amount).
The first due instalment was paid on time.

Our current cover facilities and commitments towards Suriname are as follows:

Country risk category: 7/7

ST: P: off cover
C: CBC
M/LT: P: off cover
C: CBC (small amounts only)

For more details, please see on our homepage: Suriname

ST commitments: EUR 0.4 million
M/LT commitments: EUR 0.7 million

No overdues, claims or offers.


Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Tue, 31 Mar 2026 14:53:36 GMT https://forum.berneunion.org/topic7039-suriname--cover-policies.aspx Topic "Suriname - Cover policies" a message from Martina Hribar Bošković Dear members,

we kindly ask you to share your experience with cover policy (ST, MLT) on Suriname.
Do you have any experience with public buyers from energy sector?

Kind regards,
HBOR]]> Thu, 26 Mar 2026 08:10:58 GMT https://forum.berneunion.org/topic7036-cover-policy--rwanda.aspx Topic "Cover policy – Rwanda" a message from Željka Hajdina many thanks for prompt reply
Željka
Export Credit Insurance Department
HBOR, Croatia]]> Fri, 13 Mar 2026 12:47:03 GMT https://forum.berneunion.org/topic7036-cover-policy--rwanda.aspx Topic "Cover policy – Rwanda" a message from Sonja Wittkowski
Our current cover facilities and commitments towards Rwanda are as follows:

Country risk category: 6/7

ST: NR / C: CBG on CBC; P: guarantee from the Ministry of Finance or the central bank is always required
M/LT: CBC, in addition, cover is available for project finance and other structured finance deals, where necessary based on countertrade transactions.
C: CBG on CBC;
P: guarantee from the Ministry of Finance or the central bank is always required / for transactions with public buyers which are established as private
sector organizations the same collateral requirements as for private buyers apply.

For more details, please see on our homepage: Rwanda
ST commitments :
 EUR 0.6 million
M/LT commitments :
 EUR 0 million

No overdues, claims or offers.


Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Fri, 27 Feb 2026 16:52:00 GMT https://forum.berneunion.org/topic7036-cover-policy--rwanda.aspx Topic "Cover policy – Rwanda" a message from Željka Hajdina we are interested in knowing if you have cover policy (ST/MLT) towards Rwanda or maybe Rwanda is off cover.
Kindly share your cover policy and experiences.
Thanks in advance!
Željka Hajdina
Export Credit Insurance Department
HBOR, Croatia]]> Thu, 26 Feb 2026 08:54:23 GMT https://forum.berneunion.org/topic6676-kazakhstan.aspx Topic "Kazakhstan" a message from Ayan Bektybayeva Dear Collegues !
Let me share overview of key developments in Kazakhstan over the past three years for the attention of country risk experts
1. Sovereign credit profile & macroeconomic resilience
  • Investment-grade sovereign ratings maintained by leading agencies despite global volatility.
  • Agencies highlight improvements in fiscal management, public debt levels, external buffers, and the stabilizing role of sovereign wealth assets.
  • Enhanced policy coordination and fiscal discipline reduce the probability of systemic stress.
2. Business environment
  • Notable reforms in business registration, contract enforcement, investor protection, and access to finance.
  • Progress in regulatory quality, digitalization, and government-business interaction is reflected in daily commercial operations.
3. Reliability of counterparties & payment discipline
  • Public and private companies show improved payment discipline and stable financial track records.
  • Operational and credit risks are reduced for insurers, export credit agencies, and lenders.
  • Corporate governance and risk management align increasingly with international norms, especially among export-oriented enterprises.
  • Kazakhstan’s ECA actively underwrites risks for export-oriented companies, with debt service history evaluated positively.
4. Banking sector resilience & state support
  • Stable and resilient banking system; stress events managed through timely regulation.
  • State interventions strengthened liquidity, capital adequacy, and market confidence.
5. Corporate & quasi-sovereign financing
  • Active participation in international capital markets by state and quasi-state entities.
  • Private corporates attract strategic partners for investment and technology collaboration.
  • Improved sovereign ratings facilitate external financing and project launches.
6. Investment support & legal certainty
  • Expanded toolkit: project facilitation, targeted incentives, strategic frameworks.
  • Astana International Financial Centre (AIFC) provides English-law principles and independent dispute resolution, enhancing confidence in long-term, capital-intensive projects.
7. Infrastructure & economic diversification
  • Investments in transport, energy, manufacturing, agribusiness, and renewables.
  • Diversification reduces sector dependence, mitigates volatility, and strengthens regional/global supply chain roles.
8. Implications for international financial and insurance markets
  • Trends in sovereign ratings, business environment, banking stability, corporate financing, and institutional quality indicate a gradual reduction of country risk.
  • Opportunities expand in infrastructure, trade finance, project finance, political risk insurance, and structured financial products.
  • Improved institutional quality, counterparty reliability, and external financing access signal significant long-term potential.
Conclusion Over the past three years, Kazakhstan has achieved:
  • Stronger sovereign credit profile
  • Improved business environment
  • Enhanced investor protection
  • Economic diversification
  • Resilient banking system
These developments, confirmed by international assessments and practical market behavior, provide a solid foundation for deeper cooperation with global insurers, ECAs, and financial institutions.
For any questions regarding Kazakhstan or specific regional developments, please feel free to reach out. I will provide detailed responses and, where appropriate, engage relevant government authorities to offer comprehensive insights.


Best regards,
Ayan Bektybayeva - Prague Club Vice Chair
Deputy Chairman of the Management Board
"Export credit agency of Kazakhstan" JSC
tel.: +7-778-102-79-01
email: a.bektybayeva@kazakhexport.kz
www.kazakhexport.kz]]> Fri, 09 Jan 2026 07:58:20 GMT https://forum.berneunion.org/topic7007-inquiry--egypts-country-risk.aspx Topic "Inquiry - Egypt’s Country Risk" a message from Heike Kensmann
We did not change our cover policy recently: Our current short-term cover policy for transactions up to 360 days allows for cover case-by-case for public sector transactions, particularly for projects enhancing economic development. For private sector transactions, cover would be taken into consideration based on sound buyer information..

Our payment experience improved in the aftermath of the financial crises in 2023/2024, and our claims situation in Egypt has been stable in recent years.

Please feel free to contact us for any further information or to look at our country information website on Egypt.


Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Fri, 13 Jun 2025 07:07:58 GMT https://forum.berneunion.org/topic7007-inquiry--egypts-country-risk.aspx Topic "Inquiry - Egypt’s Country Risk" a message from THAIEXIMBANK Admin
THAI EXIM is currently conducting a review of the country risk and also payment default risk of buyers in Egypt. We would greatly appreciate it if you could kindly share your experience with the updated Short-term Cover Policy, including terms and conditions, payment experience, claims, and any other relevant information you may have.

Best regards,
THAI EXIM]]> Thu, 05 Jun 2025 12:54:10 GMT https://forum.berneunion.org/topic6995-cover-policy-for-russia.aspx Topic "Cover policy for Russia" a message from Sonja Wittkowski
As to Russia, cover facilities are not available.


Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Thu, 08 May 2025 09:14:40 GMT https://forum.berneunion.org/topic6995-cover-policy-for-russia.aspx Topic "Cover policy for Russia" a message from Vedrana Gavran Franić Dear colleagues, could you share your cover policy regarding Russia? Thank you.]]> Fri, 25 Apr 2025 12:38:26 GMT https://forum.berneunion.org/topic6993-cover-on-ecuador.aspx Topic "Cover on Ecuador" a message from Phil Quinn
Kind regards

Phil Quinn]]> Wed, 23 Apr 2025 21:11:22 GMT https://forum.berneunion.org/topic6993-cover-on-ecuador.aspx Topic "Cover on Ecuador" a message from Phil Quinn Andrea Bulasch wrote:
Dear Phil,

The limit was granted some years ago (2020). However, there was no recent turnover covered, so the limit is currently not in use.

Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
]]> Wed, 23 Apr 2025 21:07:58 GMT https://forum.berneunion.org/topic6993-cover-on-ecuador.aspx Topic "Cover on Ecuador" a message from Andrea Bulasch
The limit was granted some years ago (2020). However, there was no recent turnover covered, so the limit is currently not in use.

Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Wed, 23 Apr 2025 10:16:15 GMT https://forum.berneunion.org/topic6993-cover-on-ecuador.aspx Topic "Cover on Ecuador" a message from Phil Quinn Can I just ask how long your cover has been in place for and when it expires?
The reason I ask is that S&P reports indicate significant problems for Ecuador to finance and roll over its external debt in 2026.

Best regards

Phil]]> Thu, 17 Apr 2025 01:49:07 GMT https://forum.berneunion.org/topic6993-cover-on-ecuador.aspx Topic "Cover on Ecuador" a message from Andrea Bulasch
regarding short-term cover on Empresa Publica De Hidrocarburos Del Ecuador we have one whole-turnover cover policy. We have no negative payment experience, so far.

Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Wed, 16 Apr 2025 10:36:18 GMT https://forum.berneunion.org/topic6993-cover-on-ecuador.aspx Topic "Cover on Ecuador" a message from Phil Quinn
NZ Export Credit has been approached to provide short term cover on Empresa Publica De Hidrocarburos Del Ecuador. (EP Petro Ecuador).

Do any of the members have experience with this counterparty? We seek your advice.

Thanks

Phil Quinn]]> Tue, 15 Apr 2025 03:32:42 GMT https://forum.berneunion.org/topic6989-inquiry-about-your-action-for-the-current-situation-in-yemen.aspx Topic "Inquiry about your action for the current situation in Yemen" a message from Sonja Wittkowski
Thank you for your inquiry regarding export credit insurance in Yemen.
Under current circumstances we would be highly reluctant to new grant cover. We are closely monitoring the situation.
However, we still cover a small number of regular deliveries under long existing contracts and with short repayment terms.

Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Mon, 31 Mar 2025 12:27:39 GMT https://forum.berneunion.org/topic6989-inquiry-about-your-action-for-the-current-situation-in-yemen.aspx Topic "Inquiry about your action for the current situation in Yemen" a message from THAIEXIMBANK Admin
Regarding to the current situation in Yemen, we would appreciate it if you could share us whether your organization continues to provide Export Credit Insurance in Yemen. If so, please kindly provide additional information whether there are any special conditions associated with it or which conditions you are currently provide the coverage.

Thank you for sharing the information with us.

Best regards,
THAI EXIM]]> Tue, 18 Mar 2025 02:35:38 GMT https://forum.berneunion.org/topic6953-underwriting-guidelines-and-sop-in-response-to-country-risks.aspx Topic "Underwriting Guidelines and SOP in Response to Country Risks" a message from Heike Kensmann
Global developments are monitored closely by our team of country risk experts. In case of rising risks (e.g. the Russian invasion in Ukraine) we propose adjustments to our cover policy to our interministerial committee which decides on a case by case basis. Our underwriters then implement the decision of the interministerial committee (e.g. by suspending credit limits). We do not have a standard list of factors taken into consideration or a fixed time frame. Decisions are taken individually depending on the circumstances in the respective country.

Kind regards

Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division]]> Tue, 20 Aug 2024 06:52:33 GMT https://forum.berneunion.org/topic6953-underwriting-guidelines-and-sop-in-response-to-country-risks.aspx Topic "Underwriting Guidelines and SOP in Response to Country Risks" a message from THAIEXIMBANK Admin

In light of the increasing country risks in recent years—such as wars, civil unrest, geopolitical issues, terrorist attacks, and foreign currency shortages—which have inevitably impacted global trade and business, we are seeking your feedback on how you manage these risks in your Short Term Export Credit, Medium and Long Term, and Investment Insurance businesses.

Specifically, we would appreciate your kind response on the following points:

1. Have there been any changes to your underwriting guidelines in response to these events? If possible, please provide examples.
2. Do you have Standard Operating Procedures (SOPs) for handling such situations? If so, please provide a brief description.
3. What are the key factors that you will consider to stop underwriting or suspending or canceling the credit limit?
4. In the event of a conflict between two countries there are invasions or attack each other. What does your organization do? How long do you wait before taking any action?
5. Who is responsible for making decisions on these actions, such as continuing coverage or suspending the credit limit (e.g., underwriter or higher-level management)?

We believe that your insights will be precious to us. Thank you for sharing this information.

Best regards,
THAI EXIM
edited by THAIEXIMBANK Admin on 7/12/2024]]> Fri, 12 Jul 2024 01:34:50 GMT